Indianapolis Business Journal

In the past five years, shares of Eli Lilly and Co. have increased in value by 508%. This is not news to the pharma giant’s 43,000 employees, nearly 90% of whom have at least a few shares—and some worth tens or hundreds of thousands of dollars. John Russell explains how Lilly is enriching employee stockholders and is using its runup to retain talent. Also in this week’s issue, Susan Orr reports that the state’s focus on attracting data centers to Indiana is starting to pay off. And Mickey Shuey shares his wide-ranging conversation with Indianapolis Motor Speedway President Doug Boles about ticket sales for this year’s Indy 500, whether a return of Formula One is on the horizon, and Roger Penske’s continued investment in the track.

With a new mayor and a completely new city council in Westfield, developers have resumed submitting projects to a city they say they’ve avoided for the past four years. Daniel Bradley explains how fresh faces have cleared the recent impediments to growth in Westfield. Also in this week’s issue, Taylor Wooten unpacks the challenges in Indianapolis of consolidating and relocating several city-county government departments to the same building in downtown’s core. And Mickey Shuey profiles Mel Raines, who in June will become CEO of Pacers Sports and Entertainment.

In case you missed the images of Tyrese Haliburton emblazoned across the largest hotel in Indianapolis or Larry Bird handing Haliburton a basketball in a highly symbolic gesture to open All-Star Weekend festivities, the internationally televised basketball bonanza is all about the new face of the Pacers and the breakout star of the 2023-24 season. IBJ sports columnist Derek Schultz has more on the symbiotic relationship between Haliburton and his new hometown. Also in this week’s issue, Susan Orr details the lawsuits filed against Cummins Inc. after it agreed to pay $2 billion late last year to settle allegations of Clean Air Act violations. And John Russell explains how the Indiana Donor Network is beefing up to meet a surge in demand for transplants and reduce wait times.

You’ll probably remember that Indianapolis was supposed to host the 2021 NBA All-Star Game, but the game was moved due to the pandemic, and Indy was given another chance to host in 2024. As a result, there’s probably been no All-Star Game in NBA history that’s had so much planning and dedicated programming. IBJ's All-Star Access publication has the big picture on the extended preparations, including the intentional way Black culture is taking center stage at this year’s event, and the smaller details, such as listing all of the local organizations benefitting from legacy projects. There’s also a schedule of official and peripheral events, including concerts and parties. On the front page of this week's issue: How a fashion show featuring local designers came together for All-Star Weekend.

You might not recognize the Mile Square once festivities for the NBA’s All-Star Weekend get under way Feb. 15. Real estate brokers are filling vacant retail spaces with corporate parties, personal events and a wide assortment of fan-focused pop-ups, anticipating the largest crowds downtown since the 2012 Super Bowl. John Russell and Mickey Shuey detail the preparations. Also in this issue, Peter Blanchard explains the big fight between beer wholesalers and liquor and wine wholesalers over ready-to-drink cocktails. And Dave Lindquist explores author John Green’s switch in focus from young-adult fiction to an initiative to improve health care in Sierra Leone.

As the Indiana Economic Development Corp. faces a steady stream of calls from critics for more transparency, state lawmakers from both political parties have filed legislation aimed at requiring the job-creation agency to disclose more about its activities. Peter Blanchard has more on the increased scrutiny. Also in this week’s paper, Daniel Bradley chronicles a day in the life of Noblesville Mayor Chris Jensen as he exercises his high-touch, radically transparent and 16-hour-per-day approach to governing. And Dave Lindquist previews the tech and entertainment hub to be called Black Future Haus and featured during NBA All-Star Weekend.

Finding one’s way into Gainbridge Fieldhouse on Feb. 18 for the flagship event of NBA All-Star Weekend will cost a pretty penny, if any tickets can be found at all. Mickey Shuey explores the forces that drive even the lowest ticket prices sky high and make private suites harder to come by for local sponsors. Also in this week’s issue, Taylor Wooten explains how the fight against a large industrial project planned on former farmland on the south side of Indianapolis has snowballed into an environmental advocacy flashpoint. And John Russell takes stock of the surge in large philanthropic gifts to Indiana not-for-profits in 2023 as 79 individual donors gave $348.7 million.

A cavalcade of Black celebrities will be on hand next month as Indianapolis becomes a magnet for African-American culture during the NBA's All-Star Weekend. IBJ's Dave Lindquist explains how the event has become a celebration of how the league embraces the realms of Black music, fashion, cuisine, acting and art. Also in this week's issue, Daniel Bradley explores the growing housing trend toward active-adult communities for boomers and Gen Xers. And Peter Blanchard profiles Brad Chambers as he tries to leverage his experience in business and economic development into a term as Indiana's governor.

The NBA All-Star Weekend is just six weeks away, and it’s a much different event that what originally had been planned for 2021 but was canceled due to the pandemic. IBJ kicks off its coverage this week with two front page stories: Susan Orr details the new approach for entertaining non-ticketed fans and involving local businesses and volunteers; and Dave Lindquist chronicles how local hospitality venues are gearing up to host the many public, private and corporate events connected with the NBA’s midseason extravaganza. Also in this week’s issue, Daniel Bradley outlines the distance between what has been proposed for the Maurer Commons site in Whitestown and what some community members and town councilors would like to see.

IBJ's year-end issue introduces our 2023 newsmakers and is packaged with The Book, our annual compilation of industry top-25 lists and a look back at the year in news. It should be no surprise that David Ricks, CEO of Indianapolis-based Eli Lilly and Co., is IBJ's newsmaker of the year. As you'll read in reporter John Russell's story below, Lilly this year became the world's most valuable publicly traded drug company. Our other eight newsmakers for 2023 come from higher education, politics, sports and industry, and all made a big impact on central Indiana.

The plan to draft Hendricks Commercial Properties for the  redevelopment of struggling Circle Centre Mall was hatched in mid-2022 in hopes of breathing new life into the site. Reporter Mickey Shuey, who broke the story about the final deal, has all of the details behind the planned $600 million overhaul. Also in this week's issue, Daniel Bradley asks Jim Brainard to reflect on his 28 transformative years as Carmel's mayor. And Susan Orr reports that the founder of a real estate company with seven Indianapolis-area retail properties totaling nearly 500,000 square feet is facing federal allegations that he committed a $35 million fraud.

IBJ’s John Russell has confirmed that Chicago-based Village MD, which operates primary care medical practices, is pulling out of the Indiana market after just six years. As Russell reports, the former high-growth startup is retrenching and has notified thousands of Indiana patients that they’ll need to get new doctors—although that isn’t always the case. Also in this week’s issue, Taylor Wooten explains how the city of Indianapolis is preparing for more severe weather in years to come and devoting more people to the effects of climate change. And Dave Lindquist has the story of a former NFL SkyCam crew leader who has launched his own pizzeria featuring Detroit-style pies.

Eli Lilly and Co. has struck pharmaceutical gold with its obesity drug, Zepbound. But the new drug carries a hefty price of $1,060 per month, and insurers and health care plans are balking, questioning its affordability. John Russell explores the ramifications for patients and the health-care cost debate. Also in this issue, Susan Orr reports the banking industry foresees an end to the slump in financial stocks. And Mickey Shuey explains how Indy-area logistics companies are using drones to help them track inventory inside giant warehouses.

A renewed attempt to impose a fee on downtown property owners for initiatives aimed at public safety, cleanliness and homelessness in the Mike Square appears poised to succeed after gaining steam among democrats on the City-County Council. Taylor Wooten takes stock of the growing support. Also in this week’s issue, John Russell reports that Eskenazi Health has launched a $60 million fundraising campaign to address health disparities across central Indiana. And Dave Lindquist shines a spotlight on the resurgent Paramount Theatre Centre and Ballroom, which debuted in Anderson in 1929.

Consideration of a controversial pipeline that would pump massive amounts of water from Lafayette to a state-owned advanced manufacturing park in Lebanon has raised salient questions about Indiana's water laws and the lack of a regulatory framework. Peter Blanchard dives into the question of who controls the state's water. Also in this week's paper, John Russell explains how the 16 Tech innovation district is being elevated to the national stage. And Daniel Bradley has the buzz on alcohol-free bars.

Stephen Simon is expected to become majority owner of the Indiana Pacers after his father, longtime owner Herb Simon, passes away. But as a minority owner, Steve Simon already has become active in Indy’s entrepreneurial community and has followed his passions for civic engagement and philanthropy. IBJ’s Mickey Shuey has the story. Also in this week’s issue, Dave Lindquist has the story behind the transformation of the Christel DeHaan estate into a retail palace stocked with high-end home furnishings and featuring a restaurant, wine bar and design studio. And Susan Orr explains how Indiana colleges are using analytics to try to boost graduation rates.

How much money should hospital CEOs earn? In central Indiana, where high hospital prices and profits have come under the microscope, some consumer advocates are pointing to big executive pay packages and say the issue is ripe for review. John Russell has the story. Also in this week’s paper, Dave Lindquist has an accounting of the final set of grants from the Christel DeHaan Family Foundation, which is distributing its final $55 million. And Lesley Weidenbener reviews the distinguished career of former Purdue University President and Indiana Governor Mitch Daniels, this year’s recipient of IBJ’s Michael A. Carroll Award for impactful community service.

The Indianapolis Metropolitan Police Department is poised to invest $9 million in COVID-19 recovery funds into more video cameras and other surveillance technology. Taylor Wooten reports that some critics are raising privacy concerns while police say the tools are helpful amid their staffing shortage. Also in this week’s issue, Peter Blanchard explores Curtis Hill’s campaign for governor after the 2018 scandal that derailed his political career. Some political experts say conditions are conducive for a comeback by the former state attorney general. And Daniel Bradley reports on the rise of “build-to-rent” communities targeted for folks who want to rent single-family homes.